Sunday, March 4, 2012

Business Failure Regardless Perseverance

“Many entrepreneurs and business publications claim that perseverance is one of the main requirements for a small or medium business owner who wants to be successful in today's complex business world.
“However, try to employ perseverance in the right way - be determined to fix the profit erosion holes in your businesses first (i.e. to profit from your business risks) and then be decisive to profit from your business opportunities as well!” - Michiel Jonker
An example of this is a business owner trying to persevere while sailing a sinking boat full of holes. (i.e. threats/risks in- and outside his business eating away his profits).
His determination will NOT help him at all. He needs to fix the leakages (i.e. causes of profit loss) first, or his boat (business) will go down in any case!